Dare and BBH share £10m in Cossette deal
By Kunal Dutta, campaignlive.co.uk, Friday, 06 July 2007 12:00AM
Dare has confirmed it has sold a 65.4 per cent share of the agency to Cossette Communications for an upfront payment of £10 million, as revealed in Campaign (15 June).
Claude Lessard, the Cossette chairman, told Campaign that he now plans to pull the group's four UK companies - Miles Calcraft Briginshaw Duffy, Dare, Elvis and Band & Brown - closer together and elect a UK president to oversee the group within the next two years.
The Dare deal could see the Canadian marketing services group pay in excess of £30 million for the digital agency over five years.
In 2010, Cossette has the option to increase its ownership to 82.7 per cent for a sum to be determined by the agency's profit growth, with the remaining shares to be acquired in 2012.
"I can see multi-discliplined teams working across the group companies, all of which could be in the same office building in the next two or three years," Lessard said.
The initial £10 million acquisition includes Bartle Bogle Hegarty's 30 per cent share in the agency. Dare shares Barclays and Vodafone with BBH. These relationships will not be affected.
The remainder of the £10 million payment will be shared by Dare's management team, which remains in place.
This article was first published on campaignlive.co.uk
- Insight Manager DataTech £50000 - £60000 per annum, London (Greater)
- Digital Account Director - Razorfish Healthware Publicis Healthcare Group up to £60,000, London (Greater) / London (Central), London (Greater) / London (West), London (Greater) / Hammers...
- PR Account Manager Custard Communications Ltd Up to £32,000 per annum, Surrey / Woking, Surrey
- Senior Artworker AF Selection £24,000, West Midlands Region / Birmingham, West Midlands
- Data Scientist DataTech Negotiable rates of pay, London (Greater)
- Tim Hipperson to become interim CEO of Weve
- Spotify parts ways with European leader Chris Maples
- Campaign Viral Chart: New Yorkers nod to Derek Jeter
- Senior adland figures launch star-studded campaign against Scottish independence
- Channel 4 and Magnum Mini partner for 'sweet' 9pm film sponsorship
- O2 dog turns hip hop for Big Bundles